All about life insurance

Why all life insurance plans may not save tax

Insurance plans have traditionally been a very popular tax saving tool considered by many people. Almost 70 percent of the overall insurance related products are sold in the quarter from January to March. While insurance plans do offer tax benefits up to Rs 1 lakh under section 80c of the income tax act, new change in rules and regulations especially with the implementation of Direct Taxes Code (DTC) means one needs to be careful while selecting any insurance product simply because of its tax related benefits. Here are some things to note while taking life insurance premiums for tax saving. Not All Insurance Payments are Tax Free: Many people fail to understand that not all insurance...

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Not all life insurance is the same - Planning for Prosperity

I know the subject of life insurance isn’t the most inspiring topic to discuss but I felt compelled to write on this subject after speaking with a farmer at the Paskeville Field Days last month. Perhaps it might help to first briefly outline the types of life insurance before I proceed with my discussion with the farmer. Whole of Life and Endowment insurances Those of us who are older may recall Whole of Life and Endowment insurance policies. These were virtually the only insurances available until around 25 years ago when new Term Life cover was introduced. These older style policies were known as traditional or permanent insurances because they could remain in place for the life of the...

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John Hancock pushes fitness tracking for life insurance policies, Internet of Business

North American life insurance provider John Hancock is to link life insurance policies to holders’ fitness trackers, in what it claims is a drive to incentivise longer, healthier lives. But privacy and transparency questions remain. Supporting this convergence of behavioural economics and consumer technology is Vitality, the popular behaviour-change platform that rewards customers for living healthier lives. Vitality is known to offer Apple Watch and Fitbit devices to reward the active lifestyles of its customers. “For centuries, the insurance model has primarily provided financial protection for families after death, without enhancing the very quality it hinges on: life,” said...

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What is a Life Insurance Rate Class? Standard, Preferred, Preferred Plus

What is an Insurance Rate Class What is a Life Insurance Rate Class? If you’re trying to determine how much your life insurance coverage will cost, you may have come across the term “rate class.” Just exactly what is a rate class? The short answer is that it is a way of coming up with how much risk an applicant for coverage will pose to an insurance company, and in turn, how much to charge in premium. Whenever anyone applies for life insurance coverage, the insurance company wants to know just how much risk it may be taking on if they approve the applicant for a policy. There are a number of different parameters that go into the pricing of life insurance. These include...

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Life insurance and estate planning, UMN Extension

For most families, the need for life insurance is greatest early in life. Children are young and the financial burden of supporting the family are large and create the need for life insurance. Ironically, families with the greatest need also are those who probably can least afford the life insurance premiums. The need for life insurance usually decreases as families age and accumulate more assets and net worth. Types of insurance There are two major types of life insurance: term insurance and whole or universal life insurance. Term insurance is purchased on an annual basis and usually increases in cost as a person gets older. Term insurance pays out at death if kept in force by paying the...

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AllLife Insurance, AllLife Life Insurance, Get a Quote

AllLIFE INSURANCE AllLife Life Insurance was created to offer comprehensive life cover to those living with HIV and diabetes proposing affordable, comprehensive cover to those individuals who could not get insurance in the past or from other insurance houses. With a unique approach to life insurance cover to those living with HIV and AIDS or diabetes, AllLife has brought hope and confidence to millions of individuals. There are no onerous and long-winded application forms to fill out. There is no waiting period. And best of all, there are no hidden agendas as no stone has been left unturned; additionally expect no fine print – everything is upfront and honest....

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Life Insurance - Why Do You Need Life Insurance?, ICICI Prulife

Life Insurance is financial protection for your family in case of your death. You can also use it to build savings for yourself, if you outlive the policy term. In certain types of policies, there is an option to get critical illness benefits or create additional protection for your family if you pass away from an accident. You can read about these features and types of life insurance policies below. What is Life Insurance? Life insurance is a payment made to your family in case of your death during the policy term or a payment made to you on surviving the policy term. In return for this payment, you make periodic fixed payments to the life insurance company. Why do I need Life Insurance...

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